NKF Capital Markets has announced the sale of North First Commons, located at 2515, 2525, 2535, and 2545 N First Street in San Jose. The class A office campus is comprised of four buildings totaling 250,000 square feet of space and is 100 percent leased to eBay.
NKF Capital Markets Vice Chairman Steve Golubchik, Executive Managing Director Edmund Najera, Directors Tim Walling and David Hosler, facilitated the sale of the project which was purchased by a buying group led by Ocean West Capital Partners and Hana Asset Management Co., LTD. NKF Capital Markets Vice Chairman Ramsey Daya and Executive Managing Director David Milestone assisted the buyer in acquiring financing to purchase the project.
“The sale of North First Commons is a demonstration of the incredible demand for office product in North San Jose,” said Golubchik. “This demand will continue as more good news hits the market relating to new leasing activity.”
North San Jose has experienced a tremendous amount of leasing momentum as major tech companies continue to expand in the surrounding area. Recently, Google, Apple, Samsung, and Microsoft, have each purchased more than 1 million square feet in the area to expand their presence and operations in North San Jose.
With rumors of additional leasing activity, North San Jose could experience more than 2.5 million square feet of absorption in 2018.
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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